NEW YORK — American International Group Inc. on Thursday reported better-than-expected earnings in the first quarter, partly boosted by improvement in commercial insurance underwriting.
The New York-based insurance conglomerate said it earned $2.47 billion, or $1.78 per share. Earnings, adjusted for non-recurring gains, came to $1.22 per share. A year ago the company reported net income of $1.61 billion, or $1.09 per share.
The results surpassed Wall Street expectations. The average analyst estimate according to Zacks Investment Research was for earnings of $1.18 per share.
AIG repurchased $1.4 billion in stock during the first quarter, and it said its board has approved the buyback of up to $3.5 billion more in shares. The company also declared a dividend of 12.5 cents per share, payable on June 25 to shareholders of record as of June 11.
AIG posted revenue of $5.96 billion in the January-March period.
American International Group shares have risen slightly since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 1 percent. Shares closed regular trading Thursday at $56.29, a climb of nearly 6 percent in the last 12 months, and added 34 cents to $56.63 in late trading after the earnings announcement.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIG at http://www.zacks.com/ap/AIG
Keywords: American International Group, Earnings Report